1. MIDA Bond-Bethany on 42nd
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1. MIDA Bond-Bethany on 42nd
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4/16/2008 10:43:45 AM
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<br />(vi) In the case of Additional Bonds being issued to refund Outstanding <br />Bonds, such additional documents as shall be reasonably required by Trustee to <br />evidence that provision has been duly made in accordance with the provisions of this <br />Indenture for the payment of all of the Bonds to be refunded. <br /> <br />(vii) Such other certificates, statements, receipt and documents as Trustee <br />and Bond Counsel shall reasonably require for the delivery of such Additional Bonds. <br /> <br />(e) In addition to the requirements and items hereinbefore set forth in this <br />Section, prior to the issuance, authentication and delivery of any Additional Bonds for the <br />purpose as described in Section 2.13(a)(ii) hereof, one of the following must also be <br />delivered to Trustee: <br /> <br />(i) a written report or opinion of an Independent Accountant stating that <br />the Net Revenues of the Company for each of the last two (2) Fiscal Years preceding <br />the date on which the proposed Additional Bonds are to be issued were more than <br />one hundred fifteen percent (115%) of the maximum Total Principal and Interest <br />Requirements (including such requirements for the proposed Additional Bonds) for <br />any Fiscal Year beginning after the Fiscal Year in which the proposed Additional <br />Bonds are to be issued but before the final stated maturity of principal of all then <br />Outstanding Bonds or previously issued Additional Bonds, or <br /> <br />(ii) a written report of a Management Consultant stating that in his <br />opinion the estimated Net Revenues ofthe Company for the second and subsequent <br />Fiscal Years after the Fiscal Year in which the Improvements being financed by such <br />Additional Bonds are to be placed in service, will be not less than one hundred <br />twenty percent (120%) of the maximum Total Principal and Interest Requirements <br />(including such requirements for the proposed Additional Bonds) for the second and <br />subsequent Fiscal Years after the Fiscal Year in which the Improvements being <br />financed by such Additional Bonds are to be placed in service, or <br /> <br />(iii) a written report of a Management Consultant stating that (a) <br />applicable laws or regulations have prevented or will prevent the Company from <br />generating Net Revenues in the amounts required to issue Additional Bonds under <br />clauses (i) and (ii) above, (b) the Company has generated the maximum amount of <br />Net Revenues that can reasonably be generated given such laws and regulations <br />during the periods affected thereby, (c) the Net Revenues so generated for the <br />applicable periods under clause (i) above were at least one hundred percent (100%) <br />of the Total Principal and Interest Requirements, and (d) the Net Revenues to be so <br />generated for the applicable periods under clause (ii) above will be at least one <br />hundred percent (100%) ofthe Total Principal and Interest Requirements (including <br />such requirements for the proposed Additional Bonds) as shown by forecasted <br />financial statements for each applicable period, such Management Consultant's <br /> <br />2-10 <br />
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